IHT Wealth Management LLC Boosts Stock Holdings in Simon Property Group, Inc. (NYSE:SPG)

IHT Wealth Management LLC grew its holdings in Simon Property Group, Inc. (NYSE:SPG) by 29.6% during the 3rd quarter, Holdings Channel reports. The firm owned 5,270 shares of the real estate investment trust’s stock after buying an additional 1,204 shares during the period. IHT Wealth Management LLC’s holdings in Simon Property Group were worth $891,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its stake in Simon Property Group by 11.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 34,054 shares of the real estate investment trust’s stock worth $5,169,000 after purchasing an additional 3,626 shares during the period. Red Cedar Investment Management LLC increased its position in shares of Simon Property Group by 153.2% in the 3rd quarter. Red Cedar Investment Management LLC now owns 17,591 shares of the real estate investment trust’s stock worth $2,973,000 after purchasing an additional 10,644 shares during the last quarter. TTP Investments Inc. increased its position in shares of Simon Property Group by 42.0% in the 3rd quarter. TTP Investments Inc. now owns 34,290 shares of the real estate investment trust’s stock worth $5,796,000 after purchasing an additional 10,147 shares during the last quarter. Forte Capital LLC ADV bought a new stake in shares of Simon Property Group in the 3rd quarter worth about $630,000. Finally, Radnor Capital Management LLC bought a new stake in shares of Simon Property Group in the 3rd quarter worth about $1,602,000. Hedge funds and other institutional investors own 93.01% of the company’s stock.

Insider Activity at Simon Property Group

In related news, Director Allan B. Hubbard purchased 370 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was acquired at an average cost of $167.30 per share, with a total value of $61,901.00. Following the transaction, the director now owns 34,301 shares of the company’s stock, valued at $5,738,557.30. This represents a 1.09 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on SPG. StockNews.com lowered shares of Simon Property Group from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Truist Financial upped their price objective on shares of Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Mizuho increased their price target on shares of Simon Property Group from $158.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 price objective (down from $190.00) on shares of Simon Property Group in a report on Tuesday, September 3rd. Finally, Evercore ISI upgraded shares of Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $160.00 to $172.00 in a research note on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $165.44.

Simon Property Group Stock Performance

Simon Property Group stock opened at $183.81 on Friday. The business has a 50 day moving average of $175.34 and a 200-day moving average of $162.19. Simon Property Group, Inc. has a 1 year low of $129.08 and a 1 year high of $186.00. The company has a debt-to-equity ratio of 8.20, a current ratio of 2.00 and a quick ratio of 2.00. The company has a market capitalization of $59.97 billion, a P/E ratio of 24.48, a P/E/G ratio of 10.55 and a beta of 1.75.

Simon Property Group (NYSE:SPG) last posted its quarterly earnings results on Friday, November 1st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.00 by ($1.54). The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.32 billion. Simon Property Group had a return on equity of 76.21% and a net margin of 43.36%. Simon Property Group’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.20 earnings per share. On average, equities research analysts predict that Simon Property Group, Inc. will post 12.78 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a $2.10 dividend. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.05. This represents a $8.40 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date is Monday, December 9th. Simon Property Group’s dividend payout ratio is presently 109.19%.

Simon Property Group Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.